On March 10, 2020, Hubert Joly, former Chief Executive Officer and current Executive Chairman of the Board, informed the Board of Directors of Best Buy Co., Inc. that he would not stand for re-election at the company's 2020 regular meeting of shareholders, scheduled for June 11, 2020 and would retire as Executive Chairman at that time, thereby completing the transition he initiated in 2019. The Board and Mr. Joly agreed to extend, through the effective date of his retirement, Mr. Joly's Employment Agreement entered into on April 13, 2019 and filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on April 15, 2019 (the Joly Employment Agreement"). Upon his retirement, Mr. Joly will be eligible for the rights and benefits applicable to his retirement under the Joly Employment Agreement. The Board of the Company approved the appointment of J. Patrick Doyle, Lead Independent Director, as the Board's Chairman, effective upon Mr. Joly's retirement at the conclusion of the Meeting. Mr. Doyle joined the Board in October 2014 and has served as Lead Independent Director since June 2019. He formerly served as the president and chief executive officer of Domino's Pizza, Inc. from 2010 thru 2018 and is currently an executive partner at The Carlyle Group. On March 9, 2020, Russell P. Fradin notified the Board of the Company that he would complete his term as a director and would not stand for re-election at the Meeting. On March 10, 2020, the Board entered into an arrangement with Mr. Joly under which Mr. Joly will serve as a consultant to the Company for a one-year renewable term, effective upon Mr. Joly's retirement at the conclusion of the Meeting. Under the terms of the arrangement, Mr. Joly will provide consulting services, advice on matters related to the business activities of the Company, and support to the Company's efforts to provide tech opportunities to disadvantaged youth.